Fundrise acquires strategic industrial facility in Atlanta for $30 million
Fund raising acquired an industrial and logistics plant in Atlanta from Bixby Earth Company for $30.4 million, Commercial Observer may first report.
Located at 3435 Jonesboro Road, the 200,000 square feet North Aerotropolis is a single-tenant distribution facility built in 2020 and fully leased to Kal Freight Logistics, a provider of modern transport services. It also houses some of the company’s warehousing, distribution and administrative offices, according to information provided by JLL Capital marketswho represented the seller in the transaction.
“We believe that the continued growth of e-commerce and its impact on consumer behavior will only increase demand for well-located industrial assets,” said Ben Miller, co-founder and CEO of Fundrise. “Aerotropolis North, being located in a key area of Atlanta near major transportation and shipping hubs, is exactly the type of modern facility that we expect to perform well in the years to come.”
The front-loading building is located on 16.2 acres and features 32 feet of headroom, 31 dock-height doors, two entry doors, 20 trailer parking spaces, LED lighting, and erapid early suppression response fire protection and 115 car parking spaces.
JLL’s Dennis Mitchell, Matt Wirth, British Burdette and Bo Osgood represented the seller.
“Closing one of Atlanta’s lowest cap rates, this deal includes a short-term lease with below-market rents, providing investors with a significant go-to-market opportunity when the lease expires,” said Mitchell of JLL. “With a prime location and excellent connectivity, the property is an ideal infill logistics location, providing users with convenient access to Metro Atlanta and beyond.”
Bixby Land Company did not immediately respond to a request for comment.
Emily Fu can be reached at [email protected].